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FOX Business
Nov 25, 2012 8:00pm EST
, you are still going to be left with a huge hole called the deficit and it will have to mean cutting the federal budget. >> so, even if we increase the tax rates, as you noted, by the way, the top 1% i this country makes 17% of the income, and pay 37% of the taxes. i mean, so, the fair share argument really isn't -- >> up against a hard out here, and i'm going to ask you to give us your last thought here. >> mr. president, please, please, work with the business community. we want you to succeed. but, you are putting impediments in our way that make it impossible. we want you to succeed, we want to succeed. work with us. please work with us. >> andy puzder, thanks for being with us. european nations on the wrong side of the fiscal cliff but the president says america can steer clear. >> president barack obama: i believe it is solvable and my budget, frankly does it and i don't the republicans to adopt my budget, i recognize we have to compromise. compromise is hard. >> lou: more than a trillion-and-a-half dollars in tax hikes, no spending cuts. what is the deal? ♪ >> lou: well the p
SFGTV2
Nov 26, 2012 10:00am PST
waste, increasing efficiency, decreasing the budget deficit, and real focus that we appreciate in northern california on clean energy. for example, moving the state's goal to be 33% clean energy producing. it is my privilege to welcome governor brown to the panel. [applause] >> and to introduce our next panelist, i would like to welcome steve ballmer, senior bp -- vp. >> good morning and thank you. next up is governor hickel lipper -- hickenlooper. he is the serieaal a entreprener each of you have in your respective parts. he became very successful in the brew pub business. he never had a single election not even for stink -- a student council. governor? [applause] in keeping with the discussion, he is keen on innovation and things of that nature. i know that will come out. thank you, governor. >> are we all set? i am from the "mercury news," and we're here because we live in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate
CNBC
Nov 26, 2012 4:00pm EST
should address the drivers of the deficit. social security is not currently a driver of the deficit. that's an economic pact. while the president supports engaging with congress on a separate tract to strengthen social security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone into this debate and discussion saying, you want more in taxes but in the same time we have to have entitlement reform. is he taking that off the table, mr. krueger? >> the president has pursued a balanced approach all along. he's had entitlement reform on the table. if you look at budgets, there are tough decisions there relating to health care costs, which are driving our deficits. additional revenue from upper income earners. >> medicare is still on the table when it comes to discussions about the fiscal cliff but not social security? what exactly are we talking about? >> as jay carney said, social security is not a d
CNBC
Nov 26, 2012 4:00am EST
to hammer out a deal on the greek deficit. prime minister says they're cle. politicians are considering a debt forgiveness program but could see talso reaching agreement on a framework for the planned eurozone banking union. speaking to the ft, the eu internal markets commissioner said ministers must meet a december deadline in order to placate financial markets. and this as in spain voters in cat take loan i can't giving a victory to the separatist party, but the region's president lost ground. so what does it mean for the push for independence and the deficit reduction plans? julia is in barcelona for us. what does it all mean? >> it's being seen as broadly positive because it weekens his push for independence in the region right now. but the overriding message is that two thirds of the people that voted here voted for pro nationalist or separationist parties here. and this is a sentiment that's been growing over a number of years. and the president has to try to align himselves with other parties bearing two key facts, where does he take the push for a referendum, how does that influ
CSPAN
Nov 25, 2012 9:00pm EST
. >> my friend makes a good point. because we have an incredible plan to get on top of debt and deficit, to show how we will pay our way in the world we have record low interest rates. low interest rates described by the shatter chancellor as a key test of economic credibility. >> ed miller band? >> can i start by joining the prime minister in paying tribute to walter berry of first battalion richmond of scotland. he should yet most courage and bravery and all our thoughts and condolences are for his family and fries. can also express my deep or about loss of life in israel and gaza in recent days including the latest polling terrorist attack on a bus in tel aviv. there's widespread support on all sides of the house for an immediate and durable cease-fire ing agreed in israel and gaza. will the prime minister set out in his view their main barriers tohe cease-fire agreement now being reached? >> i agree with right hon. gentleman about the appalling news this morning about the terrorist attack on a bus in tel leave and also express our deep concern at the intolerable situation in souther
FOX
Nov 26, 2012 4:30am PST
on deficit reduction and if they don't they have spending cuts that will go into effect january 1st. both parties are ready to compromise. >> the bottom line is we have to get ready as much as possibpresident in the second term -- >> a key sticking point is what to do about taxes and now they want to raise taxes on the wealthy while republicans done while capping certain reductions. >>> police officers can start applying and at 8:00 a.m. they will begin accepting applications for entry level officers. they must be at least 20 years old and have a valid california driver's license or equivalent. the application will start december 7th and starting salary is 88,000 dollars a year. in the city of antioch, we offer a new incentive to apply to its police force and they are set to apply tomorrow to change the formula for transfers for existing officers. he had a pension of 3% of last year's salary times the number of years they worked for the department. he has 14 vacant positions. >>> and car buffs are hitting show rooms next year. they are in san francisco showcasing 39 auto makers and it is
FOX News
Nov 26, 2012 3:00pm PST
negotiated deficit reduction changes. it includes expiration of the bush era tax cuts that would effect everyone. expiration of the tax cut around for years can be called a tax increase. the nonpartisan budget office would bring in $1 trillion in ten years. on tap, 1.2 trillion in spending cuts for ten years. $100 billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the possibility that g.o.p. lawmakers may put their oath of office above a promise to antitax increase organizer. good evening. >> good evening. the republican sources say they are offering a balanced approach of significant spending cuts and some revenue without boosting tax rates. >> we have been responsible as we remain firm on this point. no tax increases now for promised spending cuts that won't materialize later. the american people have seen that game before. they won't be fooled again. >> th
CSPAN
Nov 26, 2012 12:00pm EST
. this agreement cuts the deficit by a trillion dollars, and it lays the groundwork for much more in the near future. we look forward to the work on the committee to make sure that millionaires and billionaires and corporate jet owners and people who have those yachts who get tax benefits, oil companies who get these huge tax subsidies, that that in the mix of thinking what goes on, that's what this select committee's going to be about. we need to do more for families. the number one job we have as a congress must be creating jobs for the american people. we, there are a number of things we're going to do. senator schumer's going to address that in a few minutes as to what jobs agenda we have. today we made sure america will pay its bills, now it's time to make sure that all americans can bay theirs. senator durbin? >> with this vote of 74-26, we have averted a crisis. america has avoided defaulting for the first time in our history on our national debt. the fears and concerns of americans across the board were considered by this congress, and as a result we've come together on a bipartisan b
CSPAN
Nov 26, 2012 7:00am EST
a long-term deficit reduction deal. grover norquist was on cnn on friday responding to senator chambliss' comments. let's listen to what grover norquist had to say. [video clip] >> the commitment he made to the people of georgia was not to me. it was a commitment to the people of georgia that he would go to washington to reduce government spending and to reform government and not raise taxes. if he wants to change his mind and become a tax increaser so we don't have to reform government, need to have that conversation with the people of georgia. he talks about my plan to increase debt, the only plan i think i supported is the paul ryan deal, which reduces the deficit, pays down the debt, does not raise taxes, and it is a written plan that senator chambliss actually voted for. so i think they caught him on a tv station and he said something scraps that did not make sense. >> have you thought about changing the pledged in any way? >> again, i cannot change the pledge, because t it is,o me. it is not like people are promising this to me. >> it was your group. everybody associates the pledge
CSPAN
Nov 26, 2012 12:00pm EST
, the u.s. situation with respect to our deficit and debt is a national security liability. we need our senior leadership to take it on. we have an opportunity to do so, a requirement to do so. the foundation of national power is ultimately economic. in terms of global influence, in terms of the ability to support a military, the economic is foundational. i think in the u.s. we have both an opportunity and requirement to get our house in order. i believe what hundreds of tatars and 435 members of the house will step up -- what 100 senators and 435 members of the house will step up. >> so we have america under control because of the amount of treasuries? >> [indiscernible] our position to the nine states is very, very decisive to strengthen our relationship. there is no intention for us to use this economic relationship and a different context. we are very satisfied. that's all. >> let me open up to the floor. with four microphones around the room. fast.going to go i will call on people whose names i don't know. but that is josh rogan from "the cable." >> thank you for your time today. i
FOX Business
Nov 26, 2012 11:00am EST
box and reduce the deficit, they spent it. he has no savings in his budget. he wants to count savings because he is not in iraq anymore. they threw him out. that is why he is not in iraq anymore. connell: we will obviously come back to this over and over again. grover norquist, thank you. dagen: we will stay on the topic of warren buffett and taxes. should the cut off the $500,000 not $250,000 as the president wants. would that ease some of the burden and pain of higher taxes? >> on one level it would, of course. raising that threshold from $250,000 to $500,000. the buffet idea maybe release a little bit of pain, but does nothing to address the extortions that he is talking about. huge distortions. 160,000 pages of distortions in the tax code. you were talking about a tiny, tiny improvement. i will take it, sure. we are getting distracted on this one. dagen: connell was talking about a minimum tax on the wealthy. he starts out $1 billion a year. 30%. a good idea in the abstract? then he starts talking about his brother in. those are multi billionaires, dude. >> i mean, i think these a
MSNBC
Nov 26, 2012 11:00am PST
're saying is we don't want to cut the deficit too fast. now when it comes to the fiscal deficit -- >> i want to transition you to the other hot topic that we've been following. it's senator john mccain and his stance or lack thereof now against ambassador susan rice. let me play what he said earlier. i believe it was november 14th and his new line of words, i guess, regarding her possible nomination for secretary of state. let me play it back to back. >> we will do whatever's necessary to block the nomination that's within our power as far as susan rice is concerned. >> she could conceivably get your voros for secretary of state? >> i think she deserves the ability and opportunity to explain herself and her position. >> lois, what's the scoop there there and what's behind this change? >> i think that john mccain is a very, very smart politician, and, you know, a smart politician doesn't want to box in the opponent like he tried to do with president clinton so that president clinton runs out and nominates her. i think everybody needed to kind of cool off a little bit and if he backs off, the
CBS
Nov 25, 2012 6:00pm PST
spending and deficits which he says are urgent priorities. >> we're digging a hole very fast. and the first rule of getting out of holes is to stop digging. right now we're digging at the rate of about a trillion dollars a year. i think the economy is sort of waiting, this deficit is like a dark cloud over everything. >> reporter: king worries, though, that nothing will get done if the senate doesn't change its ways. he wants to change the rules on filibusters which allow a minority of senators to bring the senate floor to a halt. >> that was the central core of my campaign, that we have to be thinking with about and working on making the institution work, reaching decisions, compromising. >> reporter: you're going have to be a pretty strong suspension bridge if are you going to be a bridge between those two parties. >> i like the image of a bridge. >> reporter: a bridge he hopes will bring the senates two warring sides together. chip reid, brunswick, maine. >> glor: it is one of the country's most notorious criminal conviction. a new film examines the nightmare of the central park five nex
MSNBC
Nov 26, 2012 2:30am PST
. >> as for the democrats, senator dick durbin says entitlement programs like medicare and medicaid are fair game in deficit negotiations but insists social security should be left alone. >> social security does not add one penny to our debt. not a penny. it's a separate funded operation, and we can do things that i believe we should now, smaller things, played out over the long term that gives it solvency. medicare is another story. only 12 years of solvency lie ahead if we do nothing. so those who say don't touch it, don't change it are ignoring the obvious. >> despite showing a willingness for reform, senator durbin ruled out raising the age for medicare eligibility. if lawmakers fail to act by january 1st, the american people will face roughly $600 billion in tax increases and spending cuts. >>> because he watches "morning joe" every weekday morning -- >> i don't think that's true. maybe. >> -- monday through friday, senator john mccain is taking our advice and softening his attacks on susan rice. after vowing to block her potential nomination as secretary of state. now, republicans are claiming the amb
CSPAN
Nov 26, 2012 12:30am EST
is on an unsustainable path. the budget deficit, which peaked in 2009, is expected to narrow further in the coming years as the economy continues to recover. however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government can only be sustained by a responsible fiscal plans and actions. a credible framework to set a better fiscal policy, one in which the ratio of federal debt to gdp eventually stabilizes or declines, is urgently needed to maintain stability. even as policy-makers address the urgent issue of longer run out stability, they should not ignore a second key objective, to avoid unnecessarily adding to the head winds that are already holding back the economic recovery
CNBC
Nov 26, 2012 3:00pm EST
to these problems and a recognition that a balanced approach to deficit reduction is the right approach. it's the one most beneficial for our economy. >> reporter: the president's trying to take advantage of that different tone. he talked to speaker boehner over the weekend by telephone. and today you've had two business leaders, john engler, tom donahue, in to meet with senior white house officials. they're trying to keep this going. aides on capitol hill tell me no substantive progress in negotiations just yet. they're just now getting back to work after thanksgiving. >> how does that make you feel about the market? does it make you feel like they have more kum-bi-ya going on in washington, d.c.? does it make you more willing to invest? >> i'll tell you what. i saw spielberg's "lincoln" over the weekend and it was incredible because it reminded me how nothing has changed on capitol hill. >> i agree with you 150%. >> in 150 years. >> don't you get tired of everybody saying, oh, washington is a mess right now. it's never been this bad. it's always been this bad. you see that in the movie. >
FOX Business
Nov 26, 2012 1:00pm EST
plus dollars deficit. we need way more than these kind of things to fix this. we need to cut spending. that is what we need to do. this is the only way we will balance the budget. melissa: you make a point not everyone has made, just the impact of the stock market of what is going on. raising taxes on investment doesn't even hurt as much as just how much government spending is going on. >> i will try. this is the heart of economics. call it the cloud or the smart phone or the tablet, those technologies to throw out productivity efficiency. and the games society makes from these technologies, we get reinvested, sort of the savings we had from using a tractor on the farm, so the price of food goes down, the resources get redirected into something new like inventing an automobile, if the government steps in and spends that money, takes it away, taxes it and spends it, we don't get the full benefit of the technologies that we are inventing. that is why we have a percent unemployment rate, growing 2% today. if we had a smaller government, we should be growing faster and have more jobs and
MSNBC
Nov 26, 2012 9:00am PST
krugman sounded a different note today in the "times" and is talking about this idea that cutting deficits is a number one priority. he writes supposedly any day now investors will lose faith in america's ability to come to grips with its budgets failures. when they do there will be a run on treasury bonds, interest will spike and the u.s. economy will plunge back into recession. this sounds plausible to many people because it's roughly speaking what happened to greece but we're not greece. he's saying while this is a real dynamic for some countries, it is not because of the way we fund ourselves, is that right, ben? >> that's right. i would say morning munnize not actually by given name. >> i didn't know that. >> he's right, we're not greece, we're a much larger economy. we can grow our way out of debts and deficits. we've got a ginormous economy. we had a huge black friday weekend. probably $600 billion for the total shopping over the holidays. the question is, as we get close and getting into december, if it looks like talks are breaking down and we have the same old lines on no tax inc
CNBC
Nov 25, 2012 7:30pm EST
, this debt and deficits of this country. the drama is playing out. how do you think it impacts the economy? >> first thing is i don't like what i see. i noticed that the politicians don't have their head in the game. they are like two teams playing to win. we're not represented by them. they are not coming to agreement to try to win points from each other. that's not what we want. >> it is all about winning. >> we are paying the price. these people are not paying the price. absence of the game is becoming the main source of fragility in american society and of course in the world economy. >> what do you mean by this? they aren't in the game. the john boehners and the barack obamas they don't have skin in the game. >> they are shooting for numbers to look good but they don't pay the price of the mistakes. you and i pay the price of their mistakes. >> let me bring up your book. the book is called "anti-fragile, things that gain from disorder" you said think of the economy as being more of a cat than a washing machine. >> let me explain about anti-fragile. the opposite of fragile is not robus
CSPAN
Nov 26, 2012 12:00am EST
the boring deficit by paying tax on their profits but some multinationals appeared to be paying very low amounts, like starbucks and anderson. i wonder if the prime minister could tell the house whether he thinks the tax code needs investigating. >> it does need investigating. they're looking as hard as they can at what can be done. there are some things one can do nationally and that is where examining but because we live in a competitive global economy where companies can move capital around and move their headquarters and move money around you need greater international agreement. we have an important international agreement with switzerland which is going to recover billions of pounds in tax for our country but we need to work hard and that is where the g-8 can help so we can get a fair share of tax from companies given that britain is doing its part to cover corporation tax to the most competitive in world. >> the prime minister rightly created the wonderful work of the london emergency service--could he share with me concerns of the london public to see the number that is threatene
NBC
Nov 26, 2012 4:00am PST
deficits. >> reporter: mr. obama has insisted that in any deal, tax rates on the wealthy must rise. but a top democrat signaled openness to the republican stance. revenues can be risen by closing loopholes and deductions. >> they have to go up, real tax rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous, talks begin again this week amid tentative steps toward common ground. >> we have to show the world we're adults. the election is over. >>> to overseas now, where egypt, the country's newly elected leader there has granted himself unchecked power. it's sparking days of violent clashes and sent the country's stock market into free fall. nbc's jim maceda joins us live now. good morning to you. >> good morning, lynn. it's a critical day for mohamed morsi, a former leader of the muslim brotherhood which began on thursday when he issued the decree putting all his decisions effectively above the law. he said he was doing that to protect egypt's very slow move towards democracy from the judges and prosecutors mostly ha
NBC
Nov 26, 2012 11:00am PST
out of negotiations. >> social security set aside. it doesn't add to the deficit. when it comes to medicare and medicaid, protect the program. >> reporter: distance from a deal still evident although the gap between lawmakers is closing. just this morning, the white house released a new report detailing the impact of lawmakers if they don't reach a deal. that report is consumers will spend $200 billion less next year. that could affect any economic recovery. reporting in washington, danielle leigh, nbc news. >>> it is cyber monday. we asked scott mcgrew to take a look at the deals you might find online. >> good morning. amazon has a 55" panasonic on sale. this is a favorite of mine. it is roku. i recommend it. it brings netflix and hulu to your television. there are several web sites offering a deal on fisher price toys. half off in certain cases. toys r us or amazon. the term cyber monday, that is old fashioned. it dates way back to the early 2000s, when the only way anyone could get online was to do so from work. so the first day back to work after black friday became the bigg
CBS
Nov 26, 2012 12:00pm PST
loop holes and limiting deductions is not enough to make a dent in the nation's $16 trillion deficit. >> you've got to raise additional revenues, including tax rates on the wealthy. those have to go up. they have to go up. >> reporter: but many republicans believe the best way to close the gap is reform entitlement programs like social security and medicare. democrats aren't on board yet. >> my concern about raising that medicare retirement age is there will be gaps in coverage or coverage that's way too expensive for seniors to purchase. >> reporter: and with the fiscal cliff looming, white house economists are warning shoppers concerned about a tax increase pay not spend as much this holiday season. danielle -- nottingham, cbs news. >>> investors are worried the strong start to the holiday shopping season may not last. right now, let's take a look at the dow. it's down nearly 60 points at this hour. >>> something that might help those numbers on wall street, cyber monday. it's expected to be the biggest online shopping day of the year. one data tracking firm predicts online sales
SFGTV
Nov 25, 2012 5:00pm PST
needs and deficit and my belief that the funding will come from muni operating money. worry now seeing that's the case, that muni is considering using some of this maintenance money for the free muni program rather than to invest in the system, purchase vehicles, rehabilitate vehicles, and over-wise make the system more reliable. once a free muni pilot program ends there will be enormous pressure to extend the program and that pressure almost certainly will include using more funding using to improve muni's reliant. >> vice president elsbernd: i need to interrupt. we have a overflow room that is open across the the hall in the board chambers. these first two items on muni's performance will take a good 45 minutes to at least an hour. there are folks who are standing, that are here to testify on these items. if you are not here for these items, but are on the other items, we would really appreciate it if you would let those, who are standing, whoer here to testify, have your seats. you can go in the other room. it's on tv. when this item is done you will be able to come back in. it woul
SFGTV
Nov 25, 2012 6:00pm PST
deficit that muni has been experiencing for many years and that's not necessarily fair and is based on an erroneous dichotomy, the case what ed risken was saying. we hope you can keep and open mind and invest in our youth by supporting this program. thank you. you. next speaker. i have a few more cards. i'm going to call them so i've called through all the cards. carl noe, jarron brown, paul slade, walter brown, amelia, and peter louderborn. those are the cards i have. thank you. >> good morning, government and audit oversight committee. waller james, here representing the central city srojp collaborative and all the sro collaboratives around the city and also power, and also mainly the youth. i just have a couple of points that i want to make and just give you guys a small personal story. i remember back in the day like in the 90's, living with my sister, or just being expose to do like children that are in the ghetto, different areas that might not have too much guidance, you wonders why they don't get up and go to school. some of it might be due3y%( &3çy some of it might be due
FOX Business
Nov 25, 2012 10:00pm EST
to be borrow and added to the deficit every year. naturally is part of the deficit-reduction discussions. the group supporting the attack site include state highway officials, road builders, trucking associations, the simpson-bowles planner it proposed raising the tax as well. there's another tax in the fiscal cliff and possible gas tax is not the only tax to hit the bottom line. deal or no deal, hold on to your wallet. here with more, the senior tax policy analyst for the heritage foundation. always nice to have you on the show. let's talk abouthe bottom line for so many people out there, it will hit so many folks, 90% of households, almost impossible to escape and create that. >> everyone's taxes will go up on january 1st. important to point out we're talking about today which is raising taxes. that is off point. the fiscal cliff is here because we're spending tooomuch. we are the precedents of the debt crisis beuse we're spending too much. how we can raise taxes and talk about raising the gas tax, nothing to do with cutting spending which i where we should be directing our attention.
FOX Business
Nov 26, 2012 4:00pm EST
% of the trillion dollars deficit why risk slowing down the economy, which a lot of people say might happen if you increase taxes why slow the economy for such a collectively small amount of money? >> first thought don't think it is a small amount of money. we need a balanced approach. david: uribe 2% of the deficit unfunded if you do that. >> to look at the president's budget, what he proposes is raising $1.6 trillion proposing spending cuts as well, combination of which would put us on a sustainable path in the economy in the long run. what we should avoid doing is having gridlock, not extending the middle-class tax cuts would wish on our report today is if the middle-class tax cuts are not extended that will cause consumer spending to fall by $200 billion next year. that'll be an awfully big hit to the economy. liz: to a for somebody economic council, physically says middle-class tax cuts on consumer spending, everybody spends. how do we come to this agreement, we keep hearing left the tax cuts they now warren buffett came out with an op-ed in "the new york times" say saying we should make that
FOX Business
Nov 26, 2012 6:00pm EST
with the debt and deficit -- the democratic party cannot go on this way. it is also going to have to accommodate itself to the physical reality, and i think that there is a lot of the mainstream media that is focusing on republicans and tax rates. and what does the president have to do about spending? he's never been serious about cutting the deficit. is he really going to leave office with a 20 trillion-dollar debt? cheryl: if you look at this poll, and this is actually going to surprise you, when voters were asked, if the fiscal cliff heads, who do you blame? obama. of course. 29%. >> that as president obama effectively we using the soap box. then i say this. if this was a referendum on higher tax rates, was a ballet on obamacare? the public is opposed to obamacare. is the president going to put obamacare on the table for spending cuts? they do have some principles to fight for and i think it would be a waste if they can act and caved in on everything. i think that the government needs more revenue. because of the recession, government revenue fell. but that doesn't mean you have to tax rates.
FOX News
Nov 25, 2012 11:00pm PST
are going to have to look at entitle reform. entitlement. reform is the only way to get the debt and deficit under control. we've got to take it on. >> chris: let me ask you, you say you would consider more revenue but with loopholes -- >> there's so many of them. >> chris: you voted against the bush tax cuts a decade ago because you said too many of the benefits go to the wealthy, not the middle class. once they were passed you have changed your view and said i'm not going to oppose them. it you could get a deal for entitlement reform and take a chunk out of the national debt, why is the 35% top tax rate which you oppose sacred? >> every economist i respect says if you raise tax rates at this time -- the president says that a couple of years ago -- it harms the economy. we're trying to help the economy. unless i'm convinced raising tax rates will be beneficial, obviously i think there's reason and grounds for my position. i also believe that we can and must get an agreement, otherwise i think first of all the markets are going to start reacting. >> chris: we'll talk about that in the next s
MSNBC
Nov 26, 2012 8:00am PST
that his number one focus was jobs and the economy and also having a long-term plan to reduce the deficit in a balanced way and that means in addition to cuts you would also have revenue, revenue that you get by asking higher income earners to pay a little bit more to reduce the deficit and so the president was really clear in the campaign and i think it is really important that he take that discussion to the country now because he has said to the congress, the president said to the congress, just extend immediately all the middle class tax cuts and then we can decide what to do with folks at the higher end. again, it is important to understand the president has proposed that everybody get continued tax relief, existing tax rates, on the first $250,000 of family income, so he says let's extend that for everybody right now, but he believes we should ask higher income individuals to pay a little bit more. >> house majority leader eric cantor was on morning joe talking about the grover norquist tax pledge and whether he like other republicans would be willing to jump ship. here is his answer
CNN
Nov 26, 2012 11:00am PST
're willing to close tax loopholes to reduce the deficit, now we haven't yet seen that from congressional republican leaders, but we obviously are seeing it from prominent republicans you showed including senator graham and senator bob corker. >> question about two of those gentlemen here in a moment. cnn this morning talked to grover norquist, incumbents dare to break this pledge, dare to vote to raise taxes. the question was will he do it again? here's norquist. >> we would certainly highlight who has kept their commitment and who hasn't, but the point is historically the people who lose do so because the people in their state have figured that out. >> back to, i think, where you were going a moment ago, bob, it is interesting that when you look at the top two, two of the top republican senators we're talking about who are flirting to break this pledge, break with grover norquist and consider raising taxes on the wealthy they both face re-election in 2014. i'm talking about saxby chambliss and south carolina's lindsey graham. does that say to you that the political winds could be shifti
FOX News
Nov 26, 2012 6:00am PST
is an integral part of deficit reduction. yes, from my side of the table bring entitlement reform into the conversation. social security, set aside. doesn't add to the deficit but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. martha: alabama republican jeff sessions is the ranking member on the senate budget committee. senator sessions good morning. good to have you here today. >> martha, thank you. martha: a lot of talk this morning after these sunday shows and watching both sides talk about this fiscal cliff about who seems to be moving and in what direction. what are you hearing, what are you hearing from lindsey graham who says, quote he is willing to break that pledge on taxes under certain circumstances? what are they really saying? >> i'm not sure what they're saying. there's a lot of this talk going on. i don't know who is speaking for the republican party. the house of representatives where you have a substantial republican majority but the truth is that this country does not need to go through t
FOX News
Nov 26, 2012 10:00am PST
. >> well --. megyn: where does the money go? does it all go to the deficit, or to the debt? >> no. megyn: because we, a lot of americans think, all right, i want to help my fellow citizens and i don't like this national debt but you know who i don't want to help? i don't want to have jeff neely to have another trip to the hot tub and drink his red wine. >> forgotten about him. megyn: the feds shown propensity for misspending the people's money. >> well, think about this. we're talking about, we have a government that runs a trillion dollar deficit every year. that borrows more than three cents of every dollar it spends. here we're talking about a deal that would be 1.6 trillion over 10 years. talking about $160 billion a year. it is just, just littlest scratch in the surface when you talk about long-term debt and different sits. this is being made out to be a big deal but this money will get you can ised pretty fast. megyn: look at the fight we have over just that. can you imagine the fight we would have if we really tried to tackle the $16 trillion debt? chris, great to see you. >> good
CBS
Nov 26, 2012 7:00am PST
. >> reporter: but raising taxes is only one-half of a deficit deal. republicans want democrats to raise the eligibility age for medicare. >> i want entitlement reforms. republicans put revenue on the table, democrats always promise to cut spending. i'm looking for more revenue for entitlement reform before the end of the year. >> reporter: so far democrats sound lex flexible. >> we've got to make sure there is seamless coverage of afordable health coverage for every american. my concern about raising the retirement age gaps in coverage or coverage that's way too expensive for seniors to purchase. >> reporter: there are many potential cliffs but higher taxes for structural changes for medicaid and medicare may be abong the biggest. bob corker argued for both warning everyone against punting this until next year or accepting phony savings that don't solve or at least address the underlying deficit and structural debt problems. charlie and norah? >> let me add my voice, congratulations you on this day enharnting one of the big jobs in journalism. they're big shoes
CSPAN
Nov 25, 2012 9:30pm EST
responsibilities. we are in a period where the budget situation in this country, a huge deficit we are facing, the debt confronting this country are limited resources and will continue to limit the resources. i did not believe we worked on budgets and the defense department. i do not believe we have to choose between national security and fiscal security. we are at the pentagon is implementing a strategy that we put together in order to deal with the fiscal challenge we are presented. congress handed us $487 billion to reduce the deficit -- the defense budgets over 10 years. my approach was to say, wait a minute. we are not just going to cut across the board. we are not just going to hollow out the force as we have done in the past. every time we have come out of the war, whether it was korea, vietnam, the cold war, we cut the budget across the board, and we hollowed out the force. we are not going to repeat that mistake, so for that reason, i said to my service chiefs, chairman of the joint chiefs, we have got to sit down and develop a strategy for the future that will provide the defense fo
FOX Business
Nov 26, 2012 3:00pm EST
viewers to know you have balanced -- balanced two previous budgets if not more, you have closed deficit holes of more than 4 billion dollars. you have had success. >> we went from a 4.2 billion dollars deficit to two one time budgets with no tax increases. but we have pensions that are eating up a good portion of the budget that we're going to have to address. if all of a sudden this federal money that has been coming to the state and going down to the local communities is cut off, we're going to have to sit back and say what services can we provide and what services are going to disappear? but what concerns me more is the unemployment that it's going to create. i think the cbo has said that unemployment could go over 9%. liz: you're ahead of the national average higher actually. >> we created some tax incentives to bring the petrochemical industry, the plastics industry near that facility, that would create thousands of jobs more. we believe we could reindustrialize southwestern and western pennsylvania, if we're able to move this forward, but the economy as you know certainly can have
MSNBC
Nov 26, 2012 6:00am PST
to the current debt or the deficit. social security is something that needs to be shored up. it's relatively easy to do compared to the other -- compared to the other problems, but we need to take a balanced approach to the other problems. this idea that we can just -- you know, the american people didn't believe the republican party's nominee who said we can just get rid of some of these deductions. we can get rid of some of the loopholes. that's not going to work. >> i don't understand the, frankly, the contortions being taken by some republicans to avoid raising the tax rate even a point or two at this point. can you explain why it's so important not to raise the rate at all even if it means getting rid of all sorts of deductions? >> because i think you have to say before you raise the rates and say, hey, everyone needs to pay more, we need to look at things we can do to flatten the code, to grow the economy, why would you tell people they have to pay more, small businesses, individuals, before -- >> make them pay more by getting hatch the deductions. >> it makes it flatter and fairer and supp
MSNBC
Nov 26, 2012 7:00am PST
and that is however we try to deal with the deficit it has to be balanced and it has to call on wealth the wemt iest americans to do their share, and that's all we're looking for, so i think people are dreaming if they think we're going to get a deal on entitlements in three weeks. that is not going to happen and i think it would be irresponsible to try to come up with any approach to entitlement reform in such a compressed period of time. >> reasonably what do you think can get done in the next three to five weeks until the first of the year? >> i think we can head off the problem with everybody's taxes going up. the senate has already passed a bill extending the tax cuts for 98% of the american people. that's a real easy one if speaker boehner can deliver maybe 30, 35 votes. i think we would be happy to pass that and avert that huge tax increase at the end of the year or beginning of next year and we can extend the spending limits and delay the across the board cuts until a more comprehensive balanced approach is negotiated. >> senator bob corker is putting out a plan that includes a trillion doll
MSNBC
Nov 26, 2012 1:00pm PST
years. that's significant deficit reduction and you don't have to get into all this michigas as my grandma would say about which loopholes you're going to close. when you go that route you run into the same math problem mitt romney had. there's typically not enough revenue to make up for if the upper -- >> i have seen you do the experiment with the glass and it's wonderful. most americans think washington officials will behave like spoiled children, and warren buffett took the gop to school today, quote, let's forget about the rich and ultra rich going on strike and stuffing their ample funds under their mattresses if, gasp, capital gains rates and ordinary income rates are increased. the ultra rich, including me, says mr. buffett, will forever pursue investment opportunities. so he's calling for a minimum tax on millionaires and billionaires. will republicans listen? >> well, it's a sensible way. if we're going to have a deal, we will have to see some kind of compromise. a minimum tax on people making over $1 million a year can generate a half it trillion in a ten-year scale. if y
FOX
Nov 26, 2012 2:00am PST
the debt and deficit under control. and we have to take it on. >> chris: but let me ask you. you say you would consider more revenue but through loopholes and deductions... let me ask you, you vote against the bush tax cuts, a decade ago, because, and i went back and looked, you said too many of the benefits go to the wealthy, not to the middle class and once they were passed you changed your view and said they have taken effect. i will not oppose them. but, if you could get a solid deal, with, as you call for, spending cuts and entitlement reform and make a major -- take a chunk out of the national debt, why is the 35% top tax rate which you opposed sacred? >> because every economist that i respect says if you raise tax rates at this time, in fact, the president even said a couple of years ago, it harms the economy. we are trying to help the economy. and, so, unless i can be convinced that raising tax rates will be beneficial, then obviously i think there's reason and ground for my position. but, i also believe that we can and must get an agreement, otherwise i think first of all, the m
CSPAN
Nov 26, 2012 5:00pm EST
substantive proposal by an elected official that actually achieves the target of $4 trillion in deficit reductions in a balanced way. >> is there a consensus around that? is there consensus among all parties that $4 trillion is the goal docks "that is the president's goal talking about the longer-term issues -- is that the goal? >> that is the president will talking about the fiscal cliff challenges. he has described that going backed to the spring and summer 2011 as a big deal. it would help put us on a sustainable path that helped create the kind of ratio of deficit to gdp that alan krueger and others have been an discussing. that is his goal. when we talk about the longer- term deficit reduction targets, the near term target, one that could be resolved tomorrow if the house so desired, would be to pass the extension of the middle class tax cuts which would remove a substantial portion of the fiscal cliff right away and would give certainty to consumers and retailers right away. the president, as he has repeatedly, urges the house to do that. we should not hold the middle class hostag
NBC
Nov 26, 2012 4:30am PST
of negotiations. >> social security set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program. >> reporter: distance from a deal still evident, even amid signs the gap between lawmakers is closing. lawmakers say they'll not only get a deal done before the year is out, they may have a compromise before christmas. i'm danielle leigh, nbc news. >>> meanwhile that fiscal cliff is making investors wary this morning. for a look at how futures are trading, we turn things over to kate at cnbc headquarters. kay kayla, good morning. >> reporter: good morning to you. much optimism was over the strength of retail sales and black friday. investors will be keeping an eye on the geopolitical tensions in the middle east and that ongoing fiscal cliff and the talks continuing in washington. we get economic reports this week on durable goods, consumer confidence and new and pending home sales. the dow 172 points friday to 13,009. the nasdaq up 40 to 2966. >>> you can now add seven swans, six geese and five gold rings to the list of christmas gifts that are m
MSNBC
Nov 26, 2012 2:00am PST
to be the biggest driver of our deficits. >> reporter: mr. obama has insisted that in any deal, tax rates on the wealthy must rise. but a top democrat signaled openness to the republican stance. revenue can be raised by closing loopholes and limiting deductions. >> they have to go up either real tax rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous, talks begin again this week amid tentative steps toward common ground. >> we can't go off the fiscal cliff. we have to show the world we're adults. the election is over. >> nbc's mike viqueira reporting. >>> overseas to egypt where the country's newly elected leader has granted himself unchecked power sparking days of clashes and sending the country's stock market into a freefall. our reporter is in cairo with the very latest. ayman, good morning. >> reporter: good morning. egypt's stock market opened for a second straight day, and it plunged already by 4%. now, that's already a day after it lost 10%, and officials there had to stop trading just to prevent it from declinin
FOX
Nov 26, 2012 5:00am PST
sending the country off the fiscal cliff. congress has 45 days to come to an agreement on deficit reduction and if they don't spending cuts will go into effect january 31st. both sides are willing to compromise. >>> it is my decision to put them down and violate the pledge, long story short only if democrats will do entitlement reform. >> the key sticking point is what 0 do -- to do about taxes. they want to raise taxes and republicans don't want to. they are willing to cap certain deductions. >>> and perspective police officers, you can start applying for jobs at the san francisco police department this morning and they will start accepting applications for entry level police officers. eligible application cans have to be at least 20 years old, have a valid california driver's license and high school diploma or equivalent. it will end on friday december 7th and the starting pay for a san francisco police officer is 88,000 dollars a year. well for the san francisco 49ers there are quarterback questions all over again. it happened for the second straight game for the quarterback a
FOX
Nov 26, 2012 6:00am PST
cliff. congress now has 35 taser to come to an agreement on deficit reduction. if they don't spending cuts will go into effect on january 1st and both parties say they are ready to compromise. the number of deadly crashes were up but dui arrests were actually down slightly. the chp said 31 people were killed including 6 between wednesday morning and today. many of those people were not wearing those seat belts. 224 people were arrested on suspicion of dui and that compares to 227 last year. i definitely remembered to put on a seat belt this morning. fog is a major problem in many areas, right tara? >> reporter: the fog is taking hold in oakland, vallejo, and san francisco county so definitely take your time and here is a look, fog has just settled in there and traffic is going well, westbound are those headlights as you make your way towards concord. you can barely see anything and you can make out those headlights and at the bay bridge toll a plaza where a fog advisory is in effect for this span. every area does except for the west side of the dumbarton we are told there is some fog
SFGTV
Nov 26, 2012 12:00am PST
with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration will reduce federal funding direct to san francisco by at least 26.5 million dollars a year, every single year. we would see over $5 million of cut to education, and almost $3 million of cuts from public housing. san francisco's allocation of medicare would be cut by $2 million. funding for the wic workforce program would lose almost $5 million. there would be a $1 million cut to housing services for people with hiv and aids and more than $1 million cut to the community development block grant program. ladies and gentlemen, this is our safety net. and our safety net's already strained by years of state cuts and it cannot sustain these additional reductions in federal funding. in addition to the cuts i have just detailed, there
MSNBC
Nov 26, 2012 3:00am PST
dick durbin says medicare and medicaid are fair game in deficit negotiations, but insist social security should be left alone. >> social security does not add one penny to our debt, not a penny. it's a separate funded operation, and we can do things, and i believe we should now, smaller things, played out over the long term that gives it solvency. medicare is another story. only 12 years of solvency lie ahead if we do nothing. so those who say don't touch it, don't change it are ignoring the obvious. >> despite showing willingness for reform -- >> can we talk about that for a second? >> i don't want to repeat what you said. >> it's bull hockey. >> that's not what you said. >> this whole thing has been a complete farce for years. there's no trust fund. they raided that a long time ago. but the bigger point, i will because you know what? my heart has grown like the grinch's since thanksgiving. i have so much to be thankful for. >> it's been growing ever since election day, basically. >> so i'm going to be kind. first of all, senator durbin deserves respect on this front because he
FOX
Nov 26, 2012 7:00am PST
to come to an agreement on deficit reduction. if they don't, automatic tax increases and spending cuts will go into effect january 1st. both parties say they are ready to compromise but still no real progress has been made. >>> 7:33. one bay area hospital demanding to be reimbursed by the los angeles dodgers for the treatment it gave to bryan stow, the giants' fan brutally beaten in l.a. brian flores is live at san francisco general hospital with more. >> reporter: hi, dave. san francisco general hospital is seeking a $1.2 million medical reimbursement from the dodgers for medical care of bryan stow. the hospital went to -- hospital went to u.s. bankruptcy court in order to seek permission for this. now, stow who continues to receive around-the-clock rehabilitation treatment, initially received brain trauma care at san francisco general for about four months after the alleged beating. stow was brutally attacked in the parking lot of dodgers' stadium while watching the game back in march of 2011. since then, the hospital and essentially taxpayers had to foot the bill for medical care. b
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